RBI removes charges on NEFT, RTGS transactions

June 06, 2019
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News Desk

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Banking

The Reserve Bank of India (RBI) on June 6 said it has done away with charges on NEFT and RTGS transactions.

"In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week," the central bank said in a statement.